Ahmed Idris, accountant general of the federation, says the federal government has cleared the promotion arrears of workers in its ministries, departments and agencies.Idris, who was represented by Mohammed Usman, director of funds in the office of the accountant general of the federation, said the federal government paid N34.2 billion to do this.Usman and Kemi Adeosun, minister of finance, appeared [...]
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Kemi Adeosun, minister of finance, says Nigeria is focused on accelerating economic growth rate and will not be "complacent around the increase in oil prices".Speaking on Thursday in Abuja, Adeosun told a delegation of World Bank executives that the federal government is “optimistic and vigilant,” and is working to consolidate on the gains of increased revenue by spending more.The minister [...]
The senate says the report on the 2018 budget will be considered and passed on May 16, 2018 -- six months after it was presented by President Muhammadu Buhari.Aliyu Sabi Abdullahi, senate spokesman, made this known on Wednesday while addressing a press conference.In November 2017, the senate had first postponed a debate on the 2018 budget because the 2018-2020 medium [...]
Payment of April salary to civil servants may be delayed as the Federation Accounts Allocation Committee (FAAC) has for the second month in a row rejected the revenue figures presented by the Nigerian National Petroleum Corporation (NNPC).In March, the FAAC meeting had ended in a deadlock because of a shortfall of N37.7 billion in NNPC remittances until Kemi Adeosun, minister [...]
Kemi Adeosun, minister of finance, says the $322 million Abacha loot repatriated from the Swiss government will be spent on poor households under the social safety net programme of the federal government.Addressing journalists on Sunday in Washington DC at a joint press conference with Godwin Emefiele, governor of the Central Bank of Nigeria, the minister said the funds are in [...]
Kemi Adeosun, minister of finance, and Godwin Emefiele, governor of the Central Bank of Nigeria, have said they did not confirm attendance at the US-Nigeria Investors Summit held in Washington, DC on Saturday.Explaining the reason for their absence at the event, both said the meeting was not included in their schedule."I attend the IMFC which is the highest decision-making body of [...]
Kemi Adeosun, minister of finance, says the current administration has no apologies for borrowing to end recession.In 2016, Nigeria's economy slipped into its worst recession in 29 years and the government deployed various debt instruments like Eurobonds, Savings bond and Sukuk to raise funds.Speaking with journalists on the sidelines of the ongoing Spring meetings of the International Monetary Fund and [...]
At the 2017 annual meetings of the International Monetary Fund (IMF) and World Bank Group, Christine Lagarde, IMF managing director, advised world leaders to invest in their people.During his recent visit to Nigeria, Bill Gates, world's second richest man, echoed the similar thoughts, saying roads and trains without skilled workers cannot flourish.The business and finance world — led by the [...]
The Association of Licensed Telecommunications Operators in Nigeria (ALTON) says its members are burdened by taxes.The association said multiple taxes have been impacting negatively on their operations adding that the 2015 Amended Taxes and Levies Order has led to the imposition of arbitrary levies and charges on telecom firms by state governments.Addressing journalists on Tuesday, Gbenga Adebayo, ALTON chairman, said [...]
Kemi Adeosun, minister of finance, says the federal government is reviewing requests by states and various individuals in the private sector to extend the deadline of the Voluntary Assets and Income Declaration Scheme (VAIDS).VAIDS is a nine-month tax amnesty programme created to allow various parties regularise their tax status. The deadline for the programme expired on Saturday, March 31."The federal [...]
Kemi Adeosun, minister of finance, says there is no ulterior motive behind the letter she wrote to Ibrahim Magu, acting chairman of the Economic and Financial Crimes Commission (EFCC).In a letter dated February 9, Adeosun asked Magu to provide more information on recovered loot.She said there were conflicting figures on recovered funds."This is to notify you of the records of [...]
Kemi Adeosun, minister of finance, says there are a lot of leakages that needs to be plugged in the Nigerian economy to ensure a solid structure.Speaking on Thursday during a meeting with Bill Gates at the ministry, she said there are a lot of little spendings that are not being aggregated."The general narrative is that we are not spending enough. [...]
Kemi Adeosun, minister of finance, says the power purchase agreements reached with project developers in the power sector is still valid and not cancelled, as rumoured.In a statement released on Friday, Adeosun said Nigerian Bulk Electricity Trading (NBET) Plc is saddled with the responsibility of negotiating the agreements while the ministry, through the Debt Management Office, estimates the size of [...]
Prices of alcoholic beverages and tobacco products will increase following the approval of an amendment to the excise duty rates by President Muhammadu Buhari.TheCable had earlier reported that Kemi Adeosun, minister of finance, had written to the president seeking approval for the excise review.According to a statement issued by the ministry on Sunday, the review will take effect from June [...]
Babatunde Fowler, executive chairman, Federal Inland Revenue Service (FIRS), says the federal government is processing court documents that will allow it sell properties of companies who have been evading taxes.Speaking on Wednesday on The Core, a Channels Television programme hosted by Kadaria Ahmed, Fowler said the N20 billion realised from the voluntary assets and income declaration scheme (VAIDS) was paid [...]
Nigeria's power crisis is in for more shocking waves as 13 power generation companies (GenCos) have sued the federal government for giving "preferential treatment" to two competitors with intent to harm the business interests of the others.The GenCos, who said they are on the verge of collapse over debts in excess of N1 trillion, currently generate 80% of the power consumed in [...]
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